Asia: Wooden Office Furniture Market 2024

Wooden Office Furniture Market Size in Asia

In 2021, the Asian wooden office furniture market was finally on the rise to reach $X after two years of decline. In general, consumption showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Wooden Office Furniture Production in Asia

In value terms, wooden office furniture production skyrocketed to $X in 2021 estimated in export price. Overall, production continues to indicate temperate growth. The most prominent rate of growth was recorded in 2018 when the production volume increased by 24% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Wooden Office Furniture Exports

Exports in Asia

In 2021, the amount of wooden furniture of a kind used in offices exported in Asia expanded significantly to X units, growing by 12% on the previous year. The total export volume increased at an average annual rate of +5.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of 16% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, wooden office furniture exports soared to $X in 2021. The total export value increased at an average annual rate of +4.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 when exports increased by 27%. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

China prevails in exports structure, reaching X units, which was approx. 82% of total exports in 2021. It was distantly followed by Vietnam (X units) and Malaysia (X units), together making up a 10% share of total exports. Turkey (X units) and Indonesia (X units) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +8.0% from 2012 to 2021. At the same time, Vietnam (+18.5%) and Indonesia (+4.6%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia, with a CAGR of +18.5% from 2012-2021. Turkey experienced a relatively flat trend pattern. By contrast, Malaysia (-9.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China and Vietnam increased by +14 and +3.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest wooden office furniture supplier in Asia, comprising 76% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 7.9% share of total exports. It was followed by Turkey, with a 4.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China amounted to +5.4%. In the other countries, the average annual rates were as follows: Vietnam (+18.7% per year) and Turkey (+0.4% per year).

Export Prices by Country

The export price in Asia stood at $X per unit in 2021, picking up by 6.4% against the previous year. In general, the export price, however, showed a slight contraction. The growth pace was the most rapid in 2013 when the export price increased by 11% against the previous year. The level of export peaked at $X per unit in 2016; however, from 2017 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Turkey ($X per unit), while Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+0.2%), while the other leaders experienced more modest paces of growth.

Wooden Office Furniture Imports

Imports in Asia

In 2021, supplies from abroad of wooden furniture of a kind used in offices was finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +2.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of 26%. The volume of import peaked at X units in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, wooden office furniture imports surged to $X in 2021. Over the period under review, imports, however, showed a perceptible slump. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, South Korea (X units), distantly followed by the Philippines (X units), the United Arab Emirates (X units), Japan (X units) and India (X units) were the largest importers of wooden furniture of a kind used in offices, together committing 60% of total imports. Kuwait (X units), Malaysia (X units), Hong Kong SAR (X units), Indonesia (X units), Israel (X units), Iraq (X units), Singapore (X units) and Qatar (X units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Indonesia (with a CAGR of +20.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), the United Arab Emirates ($X) and India ($X) were the countries with the highest levels of imports in 2021, together accounting for 31% of total imports. Kuwait, Japan, Iraq, Qatar, Malaysia, the Philippines, Hong Kong SAR, Singapore, Indonesia and Israel lagged somewhat behind, together accounting for a further 35%.

Among the main importing countries, Malaysia, with a CAGR of +13.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia stood at $X per unit in 2021, increasing by 11% against the previous year. Overall, the import price, however, continues to indicate a deep contraction. The level of import peaked at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Qatar ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+11.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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